Foxtons sees bright start to year

Estate agent Foxtons says its financial performance has continued to improve into 2021 following a recovery of profitability in the second half of 2020. Last week’s Budget measures, it says, are likely to result in higher residential sales volumes.

The firm reported today that group revenue for the first two months of 2021 is well ahead of both 2020 and 2019 and that continued tight cost control has resulted in significant growth in group operating profit over that period.

Foxton says its sales commission pipeline started 2021 more than 30% higher than prior year and has led to much improved revenue growth in the first two months of the year. Despite the significant increase in units sold to date, the value of the pipeline has remained stable over this period at levels last seen in early 2017.

Foxtons ceo Nic Budden said: “2021 has got off to a strong start, with further improvement in financial performance and the acquisition of (London estate agent) Douglas & Gordon demonstrating the continued progress against our acquisition and growth strategy. The March 2021 budget announcement, which brought more certainty for our customers, and the rollout of the mass vaccination …